Quality Reverse Mortgage

My name is [redacted] and I am responding to the above-referenced complaint on behalf of [redacted]. I appreciate your office affording...

our organization the opportunity to respond to this matter. Before I respond to the merits of this complaint, I would like to utilize this format to apologize for any misunderstandings which may have taken place between our organization and the complainant. Our office endeavors to present ourselves in a clear manner which I believe is evidenced in part by the fact that the instant complaint is our first complaint filed with your organization. With that said, I am confident that this complaint results from a simple misunderstanding which may be explained in the ensuing paragraphs of this response.
 
The complainant has indicated that with a VA-IRRRL loan, there cannot be any cash out as an element of the loan. Our office does not disagree with this statement. However, our office works with three (3) different VA products. These products are as follows:
 
1.   The VA-IRRL which is a VA loan in which the first (1st) mortgage balance is refinanced for a reduced interest rate.
2.   The VA – Cash in Hand which is a VA loan in which the current VA loan is paid off and the borrower receives cash in hand and
3.   A VA purchase loan where the amount for the purchase is financed up to one hundred percent (100%) of the purchase price of the loan.
 
It appears that the instant complaint involves a misunderstanding involving the precise type of VA loan that is involved. The VA-IRRRL does not in fact permit cash out. However, the second (2nd) type of VA loan (the VA – Cash in Hand loan) does permit cash out.
 
In conclusion, on behalf of RefiNow Financial, I apologize for any unintended misunderstanding which took place. I trust that this explanation regarding the distinction between the different types of VA loans sufficiently addresses the instant complaint. I thank your office for its anticipated review of this matter. Even though there was no intent of Malice or misrepresentation, management at [redacted] will do what is appropriate to avoid any future confusion. We are looking at clarifying the different loan options in the disclaimer area of our notification.
 
Very Truly Yours,
[redacted]

My name is [redacted] and I am responding to the above-referenced complaint on behalf of [redacted]. I appreciate your office affording our organization the opportunity to respond to this matter. Before I respond to the merits of this complaint, I would like to utilize this format to...

apologize for any misunderstandings which may have taken place between our organization and the complainant. Our office endeavors to present ourselves in a clear manner which I believe is evidenced in part by the fact that the instant complaint is our first complaint filed with your organization. With that said, I am confident that this complaint results from a simple misunderstanding which may be explained in the ensuing paragraphs of this response.
 
The complainant has indicated that with a VA-IRRRL loan, there cannot be any cash out as an element of the loan. Our office does not disagree with this statement. However, our office works with three (3) different VA products. These products are as follows:
 
1.   The VA-IRRL which is a VA loan in which the first (1st) mortgage balance is refinanced for a reduced interest rate.
2.   The VA – Cash in Hand which is a VA loan in which the current VA loan is paid off and the borrower receives cash in hand and
3.   A VA purchase loan where the amount for the purchase is financed up to one hundred percent (100%) of the purchase price of the loan.
 
It appears that the instant complaint involves a misunderstanding involving the precise type of VA loan that is involved. The VA-IRRRL does not in fact permit cash out. However, the second (2nd) type of VA loan (the VA – Cash in Hand loan) does permit cash out.
 
In conclusion, on behalf of RefiNow Financial, I apologize for any unintended misunderstanding which took place. I trust that this explanation regarding the distinction between the different types of VA loans sufficiently addresses the instant complaint. I thank your office for its anticipated review of this matter. Even though there was no intent of Malice or misrepresentation, management at [redacted] will do what is appropriate to avoid any future confusion. We are looking at clarifying the different loan options in the disclaimer area of our notification.
 
Very Truly Yours,
[redacted]